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New words:
Accor, add, Africa, blended, CODM, commensurate, customary, denied, detail, foregoing, high, highlighted, introduction, led, modify, November, OECD, Pillar, profit, prohibited, put, realignment, realized, refinanced, region, Regulation, removal, saving, served, standalone, system, transparency, Union, unused, variance
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acquiree, aforementioned, Alliance, approved, ARN, ASC, consistent, consolidation, deficiency, elevated, factoring, heavier, initiated, July, large, meaningful, moderate, monitoring, negative, occurring, originally, pandemic, peak, principle, recognizing, redundant, reserve, slowdown, statement, structure, testing, trend, Troubled, unfavorably, vintage, weighting
Financial report summary
?Competition
Bluegreen Vacations Holding • Bluegreen Vacations • Ilg • Marriott Vacations Worldwide • Airbnb Inc - Ordinary Shares • Hilton Worldwide • Hilton Grand VacationsRisks
- We may not be able to achieve the objectives of our acquisition of the Travel + Leisure brand or achieve the future prospects and strategic plans for Travel + Leisure Co.
- The timeshare industry is highly competitive and we are subject to risks related to competition that may adversely affect our performance.
- Our travel club businesses operate in a highly competitive global environment and may take longer than expected to achieve the levels of revenues, customer acceptance and profitability we expect.
- Acquisitions, dispositions and other strategic transactions may not prove successful and could result in operating difficulties.
- Our revenues are highly dependent on the health of the travel industry and declines in or disruptions to the travel industry such as those caused by economic conditions, terrorism or acts of gun violence, political strife, severe weather events and other natural disasters, war, and pandemics may adversely affect us.
- We are subject to numerous business, financial, operating and other risks common to the timeshare industry and the leisure travel industry more broadly, any of which could reduce our revenues and our ability to make distributions and limit opportunities for growth.
- Our international operations are subject to additional risks not generally applicable to our domestic operations.
- We are subject to risks related to our vacation ownership receivables portfolio.
- The growth of our business and the execution of our business strategies depend on the services of our senior management and our associates.
- Failure to maintain the integrity of internal or customer data or to protect our systems from cyber-attacks could disrupt our business, damage our reputation, and subject us to significant costs, fines or lawsuits.
- We rely on information technologies and systems to operate our business, which involves reliance on third-party service providers and on uninterrupted operation of service facilities.
- We are subject to certain risks related to our indebtedness, hedging transactions, securitization of certain of our assets, surety bond requirements, the cost and availability of capital and the extension of credit by us.
- Changes in U.S. federal, state and local or foreign tax law, interpretations of existing tax law, or adverse determinations by tax authorities, could increase our tax burden or otherwise adversely affect our financial condition or results of operations.
- We are responsible for certain of Cendant's contingent and other corporate liabilities.
- We may incur impairment charges related to the fair value of our assets.
- Negative public perception regarding our industry could have an adverse effect on our operations.
- Our business is subject to extensive regulation and the cost of compliance or failure to comply with such regulations may adversely affect us.
- The insurance we carry may not always pay, or be sufficient to pay or reimburse us, for our liabilities, losses or replacement costs.
- We are subject to risks related to environmental, social and governance activities.
- Our success depends in part on our ongoing relationship with Wyndham Hotels.
- We are responsible for certain contingent and other corporate liabilities incurred prior to the Spin-off.
- Certain directors who serve on our Board also serve on the board of directors of and own common stock of Wyndham Hotels.
- If the Distribution, together with certain related transactions, were to fail to qualify as a reorganization for U.S. federal income tax purposes under Sections 368(a)(1)(D) and 355 of the Code, then our shareholders, we and Wyndham Hotels might be required to pay substantial U.S. federal income taxes.
- The trading price of our shares of common stock may continue to fluctuate.
- Provisions in our certificate of incorporation and by-laws and under Delaware law may prevent or delay an acquisition of Travel + Leisure Co. which could impact the trading price of our common stock.
- We cannot provide assurance that we will continue to pay dividends or purchase shares of our common stock under our share repurchase program.
Management Discussion
- We have two reportable segments: Vacation Ownership and Travel and Membership. The reportable segments presented are those for which discrete financial information is available and which are utilized on a regular basis by our chief operating decision maker to assess performance and to allocate resources. In identifying the reportable segments, we also consider the nature of services provided by our operating segments. Management uses Adjusted EBITDA to assess the performance of the reportable segments. We define Adjusted EBITDA as net income from continuing operations before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, asset impairments/recoveries, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. and Cendant, and the sale of the vacation rentals businesses. We believe that Adjusted EBITDA is a useful measure of performance for our segments which, when considered with GAAP measures, we believe gives a more complete understanding of our operating performance. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.